date:May 15, 2013
ange rate effect was -9.9%.
The Italian market (23.8% of total Group sales) recorded an overall decline of -26.2%, attributable to an organic performance of -26.3% and a positive perimeter effect of +0.1%. The negative organic performance was driven by the expected destocking effect, linked to the introduction of the above mentioned article 62 which has further exacerbated the local weak consumption trend.
The organic change excluding the 'one-off' destocking effect would have been negative b